Yandex founder to build AI business in Europe after Russia exit
Arkady Volozh, co-founder of Yandex, launches Nebius Group in Europe with former Yandex employees post-Russia exit. Nebius focuses on AI infrastructure, aiming to revive Yandex's international presence independently.
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Arkady Volozh, the co-founder of Russian tech group Yandex, is launching an artificial intelligence venture in Europe with former Yandex employees after the company's exit from Russia. Volozh, who condemned Moscow's invasion of Ukraine, will lead Nebius Group, focusing on AI infrastructure. The move aims to salvage Yandex's international operations disrupted by the war in Ukraine. Nebius, with 1,300 employees, is developing a cloud computing platform for AI models and collaborating with European start-ups. Volozh's split from Yandex, following a $5.4bn sale of its Russian assets, allows Nebius to operate independently. The venture, disconnected from Russia, plans to compete with major cloud providers in AI applications. Nebius holds $2.5bn in cash, debt-free, and aims to attract substantial investments for expansion. Volozh sees an opportunity to create a significant presence in Europe's tech sector, emphasizing the potential for multibillion-dollar investments. The company intends to resume trading on Nasdaq and establish a new board to drive growth and innovation.
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